Markets Actual Q1 Q2 Q3 Q4 2022
Currency 7.09 7.12 7.2 7.29 7.37 7.54
Stock Market (points) 1519.13 1497 1446 1396 1348 1252
Government Bond 10y (%) 12.65 12.99 13.33 13.68 14.03 14.75

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 15.60 1.8 2.9 2 1.5 0.7
GDP Annual Growth Rate (%) 6.70 3.8 10.5 6.1 5.1 4.6
Unemployment Rate (%) 12.90 15.1 15.5 15.2 14.7 12.9
Inflation Rate (%) 14.97 11.9 10.5 10.2 9.5 7.8
Inflation Rate Mom (%) 1.68 0.6 0.5 0.6 0.4 0.6
Interest Rate (%) 17.00 17 17 16.5 15 12.5
Balance of Trade (USD Million) -4530.39 -3800 600 2380 100 100
Current Account (USD Million) -3210.00 -1630 -1780 -2680 -2200 -2480
Current Account to GDP (%) 1.20 -2.8 -2.8 -2.8 -2.8 -3.2
Government Debt to GDP (%) 33.10 45.6 45.6 45.6 45.6 49
Government Budget (% of GDP) -2.90 -7.1 -7.1 -7.1 -7.1 -4.4
Business Confidence (points) 109.30 107 105 100 96 100
Manufacturing PMI (points) 54.40 52.3 54 53.6 52.5 52.5
Consumer Confidence (points) 84.50 74.6 73.6 75 79 84
Retail Sales MoM (%) -4.20 1.5 0.8 -1.2 0.5 0.5
Corporate Tax Rate (%) 22.00 20 20 20 20 20
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 15.60 1.8 2.9 2 1.5 0.7
GDP Annual Growth Rate (%) 6.70 3.8 10.5 6.1 5.1 4.6
GDP (USD Billion) 754.41 740 740 740 740 810
GDP Constant Prices (TRY THO) 501884934.60 504629557 421283778 427310044 477124233 530365664
Gross Fixed Capital Formation (TRY THO) 132908657.10 126601319 105111804 111791178 127809779 133057986
GDP per capita (USD) 14999.00 14400 14400 14400 14400 15100
GDP per capita PPP (USD) 28167.40 27500 27500 27500 27500 28600
GDP From Agriculture (TRY THO) 61527943.00 26803127 11596968 20703029 26226109 28170087
GDP From Construction (TRY THO) 32895123.50 30583281 25503112 32131448 32774032 32143029
GDP From Manufacturing (TRY THO) 76575811.40 79935534 72708296 63100127 78004275 84012246
GDP From Public Administration (TRY THO) 47668534.38 50520784 50221984 50442459 47612877 53097344
GDP From Services (TRY THO) 109963466.30 119097876 96758642 84491683 112962260 125171867

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 12.90 15.1 15.5 15.2 14.7 12.9
Employed Persons (Thousand ) 27066.00 25200 25800 26200 26600 28600
Unemployed Persons (Thousand ) 4005.00 4910 4980 4840 4750 4550
Labor Force Participation Rate (%) 49.40 49.1 50.5 51.7 51.9 52.9
Long Term Unemployment Rate (%) 3.30 3.2 3.8 3.6 3 2.8
Youth Unemployment Rate (%) 24.90 25.6 26.7 27.1 22.5 26.3
Labour Costs (points) 222.13 232 264 230 222 228
Minimum Wages (TRY/Month) 3577.50 3578 3578 3578 3578 4250
Wages in Manufacturing (points) 225.36 236 195 238 228 234
Population (Million) 83.15 83.81 83.81 83.81 85.57 86.76
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 43.10 42.4 42.6 43 43.6 44.5

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 14.97 11.9 10.5 10.2 9.5 7.8
Inflation Rate Mom (%) 1.68 0.6 0.5 0.6 0.4 0.6
Consumer Price Index CPI (points) 513.00 504 515 526 553 596
Core Consumer Prices (points) 430.81 422 438 448 466 499
Core Inflation Rate (%) 15.50 12.6 11.2 10.6 9.4 7
Producer Prices (points) 583.38 560 564 593 602 695
Producer Prices Change (%) 26.16 19.5 16.2 15.1 12.3 8.9
Food Inflation (%) 18.11 18 14 12 10 8
Cpi Housing Utilities (points) 550.29 556 553 567 585 631
CPI Transportation (points) 520.65 469 491 518 564 608
Harmonised Consumer Prices (points) 193.48 193 197 202 212 228

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 17.00 17 17 16.5 15 12.5
Interbank Rate (%) 17.53 17.53 17.53 17.03 15.53 13.53
Money Supply M1 (TRY Thousand) 1200674628.00 1495000000 1575000000 1665000000 1815000000 1915000000
Money Supply M2 (TRY Thousand) 3336124406.10 3654000000 3799000000 3846000000 3955000000 4047000000
Banks Balance Sheet (TRY Thousand) 6056499998.00 6509000000 6642000000 6485000000 6549000000 6949000000
Loans to Private Sector (TRY Thousand) 1740546039.00 1364034074 1489302495 1777890451 1839956420 1433599812
Deposit Interest Rate (%) 15.50 15.5 15.5 15 13.5 11.5
Lending Rate (%) 18.50 18.5 18.5 18 16.5 14.5
Private Debt to GDP (%) 163.70 171 171 171 171 177
Cash Reserve Ratio (%) 19.00 19 19 19 19 17
Central Bank Balance Sheet (TRY Thousand) 1254641122.00 1542000000 1689000000 1592000000 1605000000 1857000000

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (USD Million) -4530.39 -3800 600 2380 100 100
Current Account (USD Million) -3210.00 -1630 -1780 -2680 -2200 -2480
Current Account to GDP (%) 1.20 -2.8 -2.8 -2.8 -2.8 -3.2
Imports (USD Million) 22380.73 17200 14400 14900 19100 20100
Exports (USD Million) 17850.35 17800 16780 16900 17200 18100
External Debt (USD Million) 435121.00 475000 481000 487000 495000 520000
Capital Flows (USD Million) -2490.00 -1840 -780 1250 2850 4450
Foreign Direct Investment (USD Million) 1027.00 720 590 650 690 750
Tourism Revenues (USD Million) 3914.00 3760 6500 5100 5200 5650
Tourist Arrivals (Persons) 509787.00 1500000 2910000 3620000 1700000 2110000
Crude Oil Production (BBL/D/1K) 64.00 60 60 60 60 60

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 33.10 45.6 45.6 45.6 45.6 49
Government Budget (% of GDP) -2.90 -7.1 -7.1 -7.1 -7.1 -4.4
Government Budget Value (TRY Billion) -24.15 -36 -22 -28 -34 -32
Government Spending (TRY THO) 62371480.00 62800000 68000000 66700000 65900000 67500000
Government Revenues (TRY Billion) 89.61 45 72 85 78 85
Government Debt (TRY Million) 1837639.00 1960000 1990000 1970000 1940000 1980000
Fiscal Expenditure (TRY Billion) 113.76 98 101 118 120 116

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 22.00 20 20 20 20 20
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 37.50 37.5 37.5 37.5 37.5 37.5
Social Security Rate For Companies (%) 22.50 22.5 22.5 22.5 22.5 22.5
Social Security Rate For Employees (%) 15.00 15 15 15 15 15

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) 109.30 107 105 100 96 100
Manufacturing PMI (points) 54.40 52.3 54 53.6 52.5 52.5
Industrial Production (%) 9.00 2.5 4 2.9 5.4 3.6
Industrial Production Mom (%) 1.30 1 0.6 -1.6 0.5 0.5
Manufacturing Production (%) 9.50 2.8 4.4 2.5 5.5 3.2
Capacity Utilization (%) 74.90 74 75.8 75.5 75 77
Bankruptcies (Companies) 958.00 1750 1560 2210 2520 1200
Total Vehicle Sales 43728.00 56000 68800 92100 95000 102000
Car Production (Units) 106176.00 115400 99500 130200 136400 145500
Car Registrations 85300.00 65000 78700 109700 69000 87000
Leading Economic Index (%) 2.99 3.8 4.5 6.4 5.1 4.6
Mining Production (%) 6.00 2 2.5 5.6 4.4 2.3

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) 84.50 74.6 73.6 75 79 84
Retail Sales MoM (%) -4.20 1.5 0.8 -1.2 0.5 0.5
Retail Sales YoY (%) 0.60 3.6 5.5 5.6 6.2 4.5
Consumer Spending (TRY THO) 299349211.30 290002746 250188489 253995425 272227250 304792886
Consumer Credit (TRY THO) 836038592.00 613416444 663209474 760396949 545530416 644700683
Private Sector Credit (TRY Thousand) 2811498723.00 2168067363 2346936474 2819600234 2943493440 2278638798
Households Debt To GDP (% of GDP) 16.70 25 25 25 25 25
Economic Optimism Index (points) 96.20 98 95 92 99 95
Gasoline Prices (USD/Liter) 0.99 0.94 0.89 0.85 0.81 0.77

Housing Actual Q1 Q2 Q3 Q4 2022
Housing Index (points) 154.80 170 165 162 164 175
New Home Sales (Units) 36898.00 55400 67800 68500 105500 117500
Housing Starts (units) 7947.00 4900 1750 3600 9100 10500
Home Ownership Rate (%) 59.10 59.5 59.5 59.5 59.5 59
Building Permits 45568.00 32000 6500 15600 85000 98000
Existing Home Sales (Units) 69083.00 84800 137900 119200 142500 155500


This page has economic forecasts for Turkey including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Turkey economy.